Day: December 13, 2023

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(2nd LD) S. Korean national included in latest U.S. sanctions against Russia’s war efforts

WASHINGTON, Dec. 12 (Yonhap) — The United States on Tuesday slapped sanctions on more than 250 individuals and entities, including a South Korean national, the Department of the Treasury said in the latest effort to stymie Russia’s military procurement efforts amid its war in Ukraine.

The Treasury Department imposed sanctions on more than 150 individuals and entities in various countries, including China, Turkey and the United Arab Emirates (UAE), for supplying Russia’s military-industrial base. The State Department concurrently sanctioned over 100 entities and individuals.

“Today’s action once again underscores Russia’s utilization of Turkiye, the UAE, and the People’s Republic of China as well as the use of complex transnational networks and third-country cut-outs, to acquire much-needed technology and equipment for its war economy,” the Treasury Department said in a press release.

On the latest Treasury sanctions list was a South Korean national surnamed Lee, which the department described as a key procurement agent for AK Microtech, a Russia-based firm specializing in transferring foreign semiconductor technology to Russian microelectronics production companies. AK Microtech was designated by the U.S. in July.

“Lee has directed a system of front companies and complex payment networks to acquire equipment and technology for AK Microtech, including technology critical for semiconductor production, from South Korean, Japanese, and U.S. manufacturers,” the department said in a press release.

In a separate release, the State Department said its latest sanctions target “Russia’s future energy export and production capabilities, Russia’s metals and mining sector, and third-country networks facilitating sanctions evasion and circumvention.”

The department, in particular, designated several shipping companies and associated vessels that have been involved in the transfer of munitions between North Korea and Russia.

The sanctions list included Maria, which has been identified via imagery and multiple press reports as being part of a group of commercial vessels that have completed multiple deliveries of military equipment and munitions provided by the North to Russia, according to the department.

Included in the Treasury list were Beijing Yunze Technology Co., Ltd. and Chang Guang Satellite Technology Co., Ltd. — China-based commercial satellite imagery companies that provided high-resolution observation satellite imagery to Wagner, a Russian state-funded military company.

In a press release, Secretary of the Treasury Janet Yellen pointed out that Russia’s war machine cannot survive on domestic production alone.

“Our sanctions today continue to tighten the vise on willing third-country suppliers and networks providing Russia the inputs it desperately needs to ramp up and sustain its military-industrial base,” she said.

Source: Yonhap News Agency

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‘The Glory’ becomes 3rd most-watched Netflix series in first half

SEOUL, The Netflix revenge thriller series “The Glory” ranked No. 3 in the most-watched list globally in the first half of the year, Netflix said Wednesday.

The Korean original series, released on Dec. 30 last year, was viewed for a total of 622.8 million hours in the first six months of this year, with “The Night Agent” topping the chart with 812.1 million hours followed by “Ginny and Georgia” with 665.1 million hours.

The series revolves around a woman who suffered school violence and elaborately takes revenge on her former bullies.

Netflix started to publish a biannual report, “What We Watched: A Netflix Engagement Report,” on the day to offer more comprehensive viewing information, on top of its weekly Top 10 and Most Popular Lists.

“This is a big step forward for Netflix and our industry,” it said, adding the new list “will give creators and our industry deeper insights into our audiences, and what resonates with them.”

Other Korean titles in the 50 most-viewed list included “Physical: 100,” which ranked 21st, “Crash Course in Romance” at 22nd, “Doctor Cha” at 31st and “Alchemy of Souls” at 47th.

Source: Yonhap News Agency

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Import prices snap 4-month rise in November on fall in oil, chemical prices

SEOUL, South Korea’s import prices ended their four-month rise in November due to a decline in the prices of oil, chemical goods and IT products, central bank data showed Wednesday, giving relief to the central bank’s rate policy.

The import price index declined 4.1 percent last month from a month earlier following a 0.9 percent rise the previous month, according to the preliminary data from the Bank of Korea (BOK).

In August, the index spiked by 4.2 percent, the most in 17 months.

From a year earlier, prices fell 8.5 percent, the data showed.

Import prices are a major factor that determines the path of the country’s overall rate of inflation.

The Dubai crude price, South Korea’s benchmark, stood at US$85.35 per barrel in November, down from $89.75 the previous month, according to the central bank.

Import prices of raw materials fell 6.6 percent, while those for intermediate goods declined 3.1 percent.

The export price index also fell 3.2 percent in November, also snapping a rise for the fourth straight month.

Meanwhile, South Korea’s inflation grew at a slower pace last month, though it stayed above 3 percent for the fourth consecutive month amid high prices of energy and farm goods.

Consumer prices, a key gauge of inflation, rose 3.3 percent in November from a year earlier, compared with a 3.8 percent on-year increase the previous month, marking the first time in four months that the annual price growth has eased.

Last month, the BOK kept its key interest rate unchanged at 3.5 percent for the seventh straight time. The central bank delivered seven consecutive rate hikes from April 2022 to January 2023.

Source: Yonhap News Agency

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S. Korea to extend 38 tln won of policy financing for rechargeable battery industry

SEOUL, South Korea will provide more than 38 trillion won (US$28.8 billion) of financing support to the rechargeable battery industry over the next five years to help boost the competitiveness of the promising sector, the finance ministry said Wednesday.

The government also decided to boost reserves of critical minerals necessary for battery manufacturing and nurture the battery reusing and recycling ecosystem in an effort to reduce reliance on China and a handful of other nations for supplies of key minerals, according to the Ministry of Economy and Finance.

This illustration on June 30, 2023, depicts the South Korean battery industry. (Yonhap)

Under the plan, the government will provide more than 38 trillion won worth of financial support for companies across the battery industry starting next year through 2028.

Companies will be able to take out cheap loans and get insurance benefits regarding their investment in the United States with regard to the U.S.’ Inflation Reduction Act (IRA) and elsewhere.

The government plans to create a fund worth 1 trillion won to promote the industry and invest 73.6 billion won in relevant research and development projects.

In a move to better brace for a supply crunch, the government decided to boost state inventory of lithium and other critical minerals and provide some 250 billion won to companies for refining those materials.

It plans to establish a new storage center for lithium, cobalt and other items at a Saemangeum industry complex on the west coast by 2026 with a budget of around 240 billion won.

Companies will be able to receive tax credit for investment in overseas resources development.

South Korea is heavily dependent on China for supplies of major industry minerals but has been working to reduce its reliance and diversify their supply channels in response to such regulations as the IRA and the European Critical Raw Materials Act, as well as restrictive moves by China on their exports.

The envisioned financial support will also focus on nurturing the battery recycling sector.

In the case of reusing all batteries, the country is expected to secure critical minerals enough for about 170,000 EVs every year.

The government will set up a system for the integrated management of information on batteries for electric vehicles from their manufacturing to recycling with a goal to boost their safety, and establish a task force involving experts to devise detailed measures, according to the ministry.

Source: Yonhap News Agency

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S. Korean-born Chinese short tracker skipping World Cup in Seoul due to injury

SEOUL, Lin Xiaojun, a South Korean-born Chinese short track speed skater, will miss an international competition in Seoul this week due to an injury, the national skating federation here said Wednesday.

Starting Friday, Mokdong Ice Rink in the capital city will host the fourth leg of the International Skating Union (ISU) World Cup Short Track Speed Skating season.

Lin, born Lim Hyo-jun, did not make the trip to his native country with the rest of the Chinese team on Monday, an official with the Korea Skating Union (KSU) confirmed Wednesday.

During the South Korean national team’s press conference Tuesday, head coach An Jung-hyun said he had been informed that Lin would be sitting out the World Cup in Seoul due to an unspecified injury.

If Lin had stayed healthy, he would have been in line for his first battle on South Korean ice against his ex-teammate and nemesis, Hwang Dae-heon.

Lin, who won a gold and a bronze at the 2018 PyeongChang Winter Olympics, and Hwang, the 2022 Olympic champion in the men’s 1,500 meters, were locked in a legal battle over an incident during a training session in 2019. The KSU suspended Lin for one year but he was ultimately found not guilty by the Supreme Court in June 2021.

By that time, though, Lin had already acquired his Chinese passport.

Lin competed at the ISU world championships in Seoul in March this year, but Hwang had decided to sit out the 2022-2023 season due to health reasons and was not on the South Korean national team then.

Then at the first leg of the World Cup in Montreal on Oct. 21, the two finally went toe-to-toe for the first time since Lin’s naturalization.

It materialized in the semifinals of the men’s 1,500m. Hwang won Heat 2 in 2:15.332 to qualify for Final A, which he would go on to win later the same day. Lin finished third in Heat 2 in 2:16.240 and only advanced to Final B. He didn’t skate in that race.

On Lin’s absence, coach An said, “Rather than getting too conscious about any particular skater, we will just stay focused on our own tasks.”

In this EPA photo, Lin Xiaojun of China competes in the quarterfinals of the men’s 500 meters at the International Skating Union World Cup Short Track Speed Skating at Capital Indoor Stadium in Beijing on Dec. 9, 2023. (Yonhap)

For South Korea, Hwang will be one of six male skaters. Kim Gun-woo is the overall World Cup leader with 534 points, followed by Steven Dubois of Canada with 473 and fellow Korean Park Ji-won, the overall champion last season, with 456.

Kim Gil-li, the World Cup leader on the women’s side with 615 points, will be headlining South Korea’s female contingent. Kim is only 15 points ahead of Kristen Santos-Griswold of the United States.

Source: Yonhap News Agency

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